BOJ intervened for the first time since 1998, to prop up it's the YEN, with some speculation they likely sold a lot of their massive reserves of long end (10-30 year) US T Bills to buy back the Yen. This hypothesis appears supported by the lack of short end yield movement at 4-5a, EST at time of BOJ intervention announcement late last week. Of note in this chart are:
- Almost a decade long volume profile aligned with vPOC at 382 retrace. - Structure of current price action seemingly mirroring the covid structure as represented by the fractal in light blue above.